Perimeter Solutions (PRM) Q4 2025 earnings summary

Executive summary

• Achieved higher structural earnings power and improved financial consistency in 2025, driven by operational value drivers, M&A activity, and a shift to more fixed and recurring contract structures.

• Q4 2025 revenue grew 19% year-over-year to $102.8M, with full-year revenue up 16% to $652.9M; adjusted EBITDA increased 9% in Q4 and 18% for the full year, reaching $331.7M.

• Specialty Products segment faced operational and safety challenges at the Sauget plant, impacting financial results and prompting legal action to assume operational control.

• Acquisition of Medical Manufacturing Technologies (MMT) for $685M in January 2026, adding $140M revenue and $50M adjusted EBITDA, significantly increasing leverage.

• Continued focus on capital allocation, operational autonomy, and value-based pricing to drive long-term free cash flow and equity value.

Financial highlights

• Consolidated 2025 revenue grew 16% year-over-year to $652.9 million; adjusted EBITDA rose 18% to $331.7 million.

• Full-year GAAP loss per share was $1.37, compared to a loss of $0.04 in the prior year; adjusted EPS increased 21% to $1.34.

• Q4 revenue was $102.8 million (up 19%); Q4 adjusted EBITDA was $36 million (up 9%).

• Fire Safety revenue reached $488.9 million (up 12%); adjusted EBITDA $290.5 million (up 21%).

• Specialty Products revenue was $163.9 million (up 31%); adjusted EBITDA $41.2 million (up 3%).

Outlook and guidance

• Expect continued improvement in earnings consistency and predictability, especially in Fire Safety, due to fixed contract structures and secular growth drivers.

• MMT acquisition expected to contribute meaningful year-over-year growth in 2026.

• Capital expenditures projected at $30–$40 million per year; annual interest expense to be ~$75 million post-MMT acquisition.

• Cash tax rate expected to be 20% or better going forward.

• Continued focus on value driver execution and portfolio expansion through organic growth and acquisitions.